Who can check my credit rating & why

fun.bobby1981

Hi all,

I recently requested a copy of my credit report as I was thinking of applying for a loan.

I noticed that my bank had performed a number of checks on my rating, despite the fact that I had not applied for a loan or any credit arrangement with them.

All I can think is that when I opened current accounts with my bank, they checked my rating at this stage.

My question is, are they actually allowed to check my rating, if I am not applying for a credit arrangement with them?
I dont see what bearing it has on any fraud protection processes that they may have in place.

I'm on the verge of blasting them into space to be honest because I've had nothing but grief with them any time I've had to deal with them & this is just annoying me now.

I have nothing to hide, but I dont appreciate people or organisations looking into any aspect of my history unless its absolutely necessary for the purpose of achieving an objective.

F*cking Banks!!!


Thansk in advance.
FB

Jet Black

You have to give consent for the bank to check your credit report. You'd sign part of the application that lets the bank check. Its only the last couple of years they check the ICB when you apply for a current account.

djk1000

When you opened your account and you signed the forms, there was probably a paragraph in them giving the bank permission to check your rating.

Current accounts can go overdrawn, you can write cheques and guarantee them with your card, you can sometimes use your laser card without the transaction immediately being drawn on the bank (thereby giving you potential credit for a few days).

So, even though you haven't applied for credit, having the account in itself creates the potential for you to take credit.

As for who can check or change your rating, it's only members of the Irish Credit Bureau, listed here http://www.icb.ie/membership.php and they should only do it with your permission as conclusions can be drawn by lenders about the number of times your rating has been checked.

If you have a problem with it, you can write to your bank and ask them to amend any errors they have made, but in this case I think they were within their rights.

fun.bobby1981

Thanks for all your feedback folks.

Yeah thats sound.
You know yourself, easier just to get through the red tape for stuff like that rather than meticulously going through every sentence!!

Was just shocked when I saw the number of views from my bank up there.

Cheers.
FB

unclebill98

All regulated products that are applied for have a credit check carried out. Signing of the application form consents to this search.